30 Fastest Growing Companies to Watch 2020
When the customers have a query from businesses they usually have to reach out to them, only to be welcomed by an automated system that does its best to help. Failure of such systems places a heavy burden on the customer agents. These agents additionally receive calls that do not contribute to the revenue-generation. Franklin, MA-based Interactions is helping solve these challenges through its Intelligent Virtual Assistants that seamlessly combine artificial intelligence and human understanding to enable businesses and consumers to engage in productive conversations.
Established in 2004, the company is innovating to push Conversational AI through its flexible products and solutions designed to meet the growing demand for unified, multichannel customer care. Interactions is delivering significant cost savings and unprecedented customer experience for some of the largest brands in the world including Citi, Constant Contact, LifeLock and SRP. “Customers will go through an entire self-service transaction, conversing with the system, and never realize they are talking to a machine,” vouches Ed Anderson, Senior Manager of Call Center Technology, TXU Energy (Interactions Clients).
Interactions has been innovating in this space for a while now. They were the first to commercialize truly omnichannel Intelligent Virtual Assistants that combined artificial intelligence and human understanding through Adaptive Understanding™ technology.
Helped Boost ERC’s Agent Productivity and Revenue Recovery
As a leading provider of business process outsourcing and account recovery services for Fortune 500 companies, ERC keeps pace with the changing customer preferences by tracking the disruptive and transformative technologies. With time, customers have started preferring to speak with a virtual collection agent and ERC noticed that as much as 75% of transactions occurring over the phone, inbound calls were flooding their global contact centers, inundating agents with high volumes of non-revenue generating calls. The company needed to look into automation to stay innovative.
ERC started to look for a way to improve agent productivity and increase collections and knew that a disruptive technology like Conversational AI was the answer. After a lot of research, ERC turned to Interactions to deploy a Virtual Collection Agent, EVA, to implement the automation required to improve efficiency and profitability.
ERC and Interactions worked together to create a Virtual Collections Agent (VCA) powered by Conversational AI. Its implementation centered on areas operationalized, including taking on Wrong Party Detection and increasing the number of Right Party Contacts (RPCs) for live agents initially. But the VCA was applied to take payments for customers eventually. Today, it performs a variety of functions for Fraud, Deceased, Dispute, and Bankruptcies, authenticates consumers on every call. Customers can use phrases like “I’d like to pay my balance” and “I think you have the wrong number,” to leverage self-service to take care of their own inquiries. “We’ve been through a lot of challenging times where a weak partnership with Interactions wouldn’t have lasted. Like any relationship, it’s tested through the good times and bad; today, we’re as strong as we’ve ever been with Interactions,” says Marty Sarim, CEO, ERC.
The Interactions EVA is deeply integrated into ERCs backend systems, such as CRMs and WorkForce Optimization (WFO) solutions, to avoid repetition and ensure efficiency. The results have been astounding as the company has seen a dramatic 27% drop in the inbound calls directed to the agents which has improved their productivity. The presence of EVA has provided a 30% increase in the profitability of speaking with a Right Party to date which has allowed the agents to focus on revenue-generating tasks.
Mike Iacobucci, President and CEO
Mike has been in the technology industry for over 30 years. Mike joined Interactions in 2008 and helped the company transform from being a startup to becoming an award-winning market leader uniquely positioned at the intersection of speech recognition, customer care and multimodal interface technology. He has served as the CEO of Idiom Technologies, a developer of enterprise level translation automation technology servicing Fortune 1,000 corporations, later acquired by SDL Enterprise LTD. He has also served as an Executive in Residence at Sigma Partners. He was named as the Technology Entrepreneur of the Year® by Ernst & Young in the past.
“Interactions has provided the tools for our organization to build operational efficiencies by removing tedious tasks from our agents through automation. This has allowed our support staff to focus on more complex customer inquiries. Combining the Intelligent Virtual Assistant with our experienced contact center has been a key driver to creating a customized customer experience.” – Sandy Kenny, Director of Customer Support and Workforce Management, Constant Contact
“Providing superior customer service is our top priority at Salt River Project. Working with Interactions enabled us to develop a best-in-class, flexible conversational automated care solution that has had a transformative effect on the way we interact with our customers.” – Renée Castillo, Sr. Director, Customer Strategy Integration, SRP
“With Interactions, your customers aren't limited to frustrating menu trees and IVRs. Our Conversational AI gives people the flexibility to communicate in their own words—regardless of language, accent, noise or complexity of their query.”
“Customers shouldn't have to change how they speak to get the service they need. That's why Interactions technology understands and communicates at a human level, so people can talk or type naturally.”
“Our Intelligent Virtual Assistant (IVA) lets you truly engage with your customers on the channels of their choice, across their customer journey.”